{"id":584043,"date":"2023-03-26T00:00:00","date_gmt":"2023-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/sodic-ode-end-talks-for-orascom-real-estate\/"},"modified":"2023-03-26T00:00:00","modified_gmt":"2023-03-26T00:00:00","slug":"sodic-ode-end-talks-for-orascom-real-estate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/sodic-ode-end-talks-for-orascom-real-estate\/","title":{"rendered":"SODIC, ODE end talks for Orascom Real Estate"},"content":{"rendered":"

<\/span>SODIC won\u2019t be acquiring Orascom for Real Estate: <\/span>Real estate <\/span>developers <\/span>Orascom Development Egypt (ODE) and SODIC have agreed to end talks on <\/span>SODIC\u2019s bid to acquire Orascom for Real Estate (ORE)<\/a><\/span>,<\/span>Orascom Development Holding (ODH) said in <\/span>a<\/a><\/span>statement<\/a><\/span> Thursday<\/span>. The company did not disclose why the talks fell through.<\/span><\/p>\n

The market welcomed the news<\/span>:<\/span> ODE shares gained 1.5% during trading on Thursday to close at EGP 7.99. SODIC shares were up 6.6% to close at EGP 13.19. <\/span><\/p>\n

REFRESHER-<\/span> SODIC in October submitted a non-binding offer to acquire 100% of ORE for almost EGP 2.5 bn. ORE \u2060\u2014 which owns the 4.2 mn sqm O West development \u2060\u2014 is 70% owned by ODE.<\/span><\/p>\n

O West is a priority for ODE: <\/span>\u201cODH continues to be fully committed to the development of O West,\u201d the company said, adding that it plans to deliver over 1k residential units and launch the first phase of its sports club this year. O West accounted for <\/span>more than half<\/a><\/span> of <\/span>the company\u2019s new sales<\/span> in 2022. <\/span><\/p>\n

SODIC has had appetite for M&A following its acquisition by UAE investors. <\/span>The company last year <\/span>made a play<\/a><\/span> for Madinet Nasr for Housing and Development (MNHD), but the transaction fell through after MNHD shareholders said the bid was too low. A consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ <\/span>acquired<\/a><\/span> more than 85% of SODIC in 2021.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC submitted a non-binding offer for the firm in October<\/p>\n","protected":false},"author":1,"featured_media":584044,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,7128,1838,256,2925,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-o-west","tag-orascom-development-egypt","tag-orascom-for-real-estate","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"44ac61fb-6353-45b3-96bd-8ea09ebdbee1","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/409.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC, Orascom Development Egypt end sale talks on Orascom Real Estate","related_issue":[584030],"teaser":"SODIC submitted a non-binding offer for the firm in October","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.f6f31da9-23ea-4baa-80a9-52551f9834fd.mp3"},"yoast_head":"\nSODIC, ODE end talks for Orascom Real Estate - 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The upmarket real estate developer has submitted a preliminary, non-binding offer to acquire 100% of Orascom Development Egypt (ODE) subsidiary Orascom for Real Estate (ORE), the companies said in separate exchange filings (here, pdf | here, pdf) yesterday.SODIC\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553181,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/this-evening-sodic-bids-for-orascom-for-real-estate-state-ownership-policy-document-coming-in-weeks-madbouly-says\/","url_meta":{"origin":584043,"position":1},"title":"THIS EVENING: SODIC bids for Orascom for Real Estate + State ownership policy document coming in \u201cweeks,\u201d Madbouly says","author":"enterpriseam admin","date":"25 October 2022","format":false,"excerpt":"Happy hump day, wonderful people, and what a news dump day it is. There\u2019s a little bit of everything happening this afternoon on the local and international front, making for an altogether interesting news cycle. 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The increase came on a 275% y-o-y increase in revenues \u201creflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594660,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/orascom-development-egypt-to-launch-third-phase-of-o-west-in-september\/","url_meta":{"origin":584043,"position":4},"title":"Orascom Development Egypt to launch third phase of O West in September","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"Orascom Development Egypt (ODE) will launch the third phase of its O West project west of Cairo in September, CEO Khaled Bishara said, according to Masrawy. Bishara said the new phase will include high-end apartments.","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599546,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/orascom-development-sells-three-red-sea-properties\/","url_meta":{"origin":584043,"position":5},"title":"Orascom Development sells three Red Sea properties","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"Orascom Development Egypt (ODE) has sold three of its properties in the Red Sea Makadi resort for EGP 856 mn, according to a company press release. 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